Bank Gains Control Of Alpharetta Office Buildings In Atlanta
ATLANTA, April 11, 2024— In a turn of events this week, Synovus Bank, ranked as Georgia’s fourth-largest, has gained control over two key Alpharetta office buildings previously owned by TerraCap Management. The buildings, identified as Deerfield Point and Windward Pointe 200, were transferred to the bank’s control through a deed-in-lieu-of-foreclosure process in a deal valued at $23.7M.
The transition was executed as an alternative to a foreclosure process, allowing TerraCap Management to return the deeds to the bank, thereby dodging foreclosures. This deal marks a nearly 50% plunge in the buildings’ prices from their initial buying value back in 2017.
Deerfield Point, a two-building campus occupying a total area of 208K SF, was initially purchased by TerraCap Management for $28.6M. On the other hand, Windward Pointe 200, a five-story building with 132K SF area, was bought for $18.5M.
Bolstering Atlanta’s Real Estate Market
Other notable property sales that took place in Atlanta this week reinforced the city’s real estate market’s strength. Jamestown, responsible for owning the Ponce City Market, has bought a 160K SF Kroger-anchored shopping center in Sandy Springs named Fountain Oaks from Edens; the price of the trade has not been disclosed publicly. The last recorded sale price of Fountain Oaks was $27.6M in 2013, according to Fulton County documents
Apart from Fountain Oaks, Jamestown also made a concurrent acquisition of Tamarac Town Square for $22.5M from Regency Centers. Tamarac Town Square, a Publix-anchored shopping center located just south of Boca Raton, Florida, has a total area of 125K SF.
Aggresive Moves in the Sector
Another property that recently changed hands is Brighton Farms, a 134-unit apartment complex located in Newnan. Brighton Farms was bought by The Walden Group from Dallas-based Boardwalk Wealth for an undisclosed amount. The property was last sold to 80 Christian Dr. LP for $16.2M in the year 2021.
Property leasing was also a significant trend this week. Architectural, engineering, and construction management firm Pond & Co. renewed 102K SF for its headquarters located at Peachtree Ridge, a seven-story, 160K SF office building in Peachtree Corners. Pond & Co., which occupied the building since 2005, makes up roughly 64% of the building’s total capacity.
Finance and Development
On the financing front, Quinn Residences bolstered its existing revolving credit facility with JPMorgan Chase Bank by $350M, raising its borrowing limit to $850M. Quinn Residences, a significant player in the single-family rental development sector, said this deal would enable them to collaborate with other developers to extend their growth in the Southeast.
In the development sector, a joint venture between the Atlanta-based Imperium Development, Stockbridge Capital Group, and Leaven Capital Group has broken ground on a new 212-unit apartment complex near McGinnis Ferry Road in Suwanee. The development, named McGinnis Ferry, is expected to open for leasing in the summer of 2025.
